Jeff Bezos dethrones Elon Musk to become the richest person on Earth again
Jeff Bezos is back on top as the richest person on the planet, beating out Elon Musk, according to the latest report from Bloomberg. Bezos, the brains behind Amazon, boasts a whopping net worth of $200 billion, leaving Musk trailing slightly behind at $198 billion. While Bezos has seen a rise of $23 billion in his wealth, Musk has experienced a decline of about $31 billion over the past year.
The competition for the richest title has been intense among three mega-rich individuals: Musk, Bezos, and Bernard Arnault, the CEO of LVMH, a conglomerate housing luxury brands like Louis Vuitton and Dior. Musk briefly claimed the top spot in May 2023, toppling Arnault, whose wealth surged due to booming sales of luxury goods. However, Bezos’ recent gains have catapulted him back to the forefront of the wealth race.
Musk’s fortune took a hit earlier this year when a Delaware court invalidated his hefty $50 billion pay package from 2018, a move that played a part in his descent from the top spot. Tesla, the company he heads, also saw its shares plummet by 24% since the beginning of the year.
The title of the richest person is subject to change frequently, depending on market conditions. Despite their fluctuations, Musk, Arnault, and Bezos still hold considerable wealth. According to Oxfam’s annual inequality report, the collective net worth of the five wealthiest individuals on the planet has soared by 114% since 2020, reaching a staggering $869 billion when adjusted for inflation.